Hancock Whitney Corporation $HWC Position Increased by Penn Capital Management Company LLC

Key Points

• Penn Capital Management increased its Hancock Whitney stake by 44.6% in the second quarter, bringing its holdings to 272,472 shares worth about $20.4 million. Institutional investors collectively own 81.22% of the company.
• Analysts maintain a generally positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $83.78, versus a recent share price of $75.07.
• Hancock Whitney reported quarterly EPS of $1.55, matching estimates, while revenue rose 6.9% year over year to $403.57 million. The company also declared a quarterly dividend of $0.50 per share, equivalent to a 2.7% annual yield.

Penn Capital Management Company LLC boosted its position in shares of Hancock Whitney Corporation (NASDAQ:HWC - Free Report) by 44.6% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 272,472 shares of the company's stock after purchasing an additional 84,047 shares during the period. Hancock Whitney accounts for approximately 1.3% of Penn Capital Management Company LLC's portfolio, making the stock its 28th biggest position. Penn Capital Management Company LLC owned about 0.34% of Hancock Whitney worth $20,381,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Amundi acquired a new stake in shares of Hancock Whitney during the 1st quarter valued at about $50,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in Hancock Whitney by 4.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 51,664 shares of the company's stock worth $2,710,000 after buying an additional 2,255 shares during the last quarter. NewEdge Advisors LLC raised its position in Hancock Whitney by 22.9% during the first quarter. NewEdge Advisors LLC now owns 3,755 shares of the company's stock valued at $197,000 after acquiring an additional 700 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in Hancock Whitney by 4.2% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 287,471 shares of the company's stock valued at $15,078,000 after acquiring an additional 11,551 shares in the last quarter. Finally, Jane Street Group LLC lifted its stake in Hancock Whitney by 951.9% in the first quarter. Jane Street Group LLC now owns 123,812 shares of the company's stock valued at $6,494,000 after acquiring an additional 112,042 shares during the last quarter. Hedge funds and other institutional investors own 81.22% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have recently commented on HWC. Zacks Research lowered shares of Hancock Whitney from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, July 29th. Stephens reduced their price objective on shares of Hancock Whitney from $86.00 to $85.00 and set an "overweight" rating for the company in a research note on Wednesday, July 22nd. Citigroup reiterated a "buy" rating on shares of Hancock Whitney in a report on Thursday, July 23rd. Hovde Group downgraded shares of Hancock Whitney from an "outperform" rating to a "market perform" rating and set a $74.00 target price on the stock. in a research report on Friday, June 12th. Finally, DA Davidson raised their target price on Hancock Whitney from $79.00 to $86.00 and gave the company a "buy" rating in a report on Monday, May 18th. One investment analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $83.78.

Insider Activity

In other Hancock Whitney news, insider Emory L. Mayfield, Jr. sold 4,990 shares of the firm's stock in a transaction that occurred on Thursday, August 20th. The stock was sold at an average price of $76.40, for a total value of $381,236.00. Following the sale, the insider owned 15,565 shares of the company's stock, valued at $1,189,166. This trade represents a 24.28% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CFO Michael M. Achary sold 22,694 shares of Hancock Whitney stock in a transaction that occurred on Friday, July 24th. The stock was sold at an average price of $76.18, for a total value of $1,728,828.92. Following the completion of the transaction, the chief financial officer directly owned 44,160 shares in the company, valued at approximately $3,364,108.80. This represents a 33.95% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 0.92% of the stock is currently owned by insiders.

Hancock Whitney Price Performance

Shares of Hancock Whitney stock opened at $75.07 on Friday. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.04. The firm has a fifty day simple moving average of $76.14 and a 200-day simple moving average of $70.23. The stock has a market capitalization of $6.02 billion, a price-to-earnings ratio of 14.72 and a beta of 0.95. Hancock Whitney Corporation has a 1-year low of $54.05 and a 1-year high of $80.13.

Hancock Whitney (NASDAQ:HWC - Get Free Report) last posted its earnings results on Tuesday, July 21st. The company reported $1.55 earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of $1.55. The business had revenue of $403.57 million for the quarter, compared to analyst estimates of $398.89 million. Hancock Whitney had a net margin of 21.81% and a return on equity of 11.36%. Hancock Whitney's revenue was up 6.9% compared to the same quarter last year. During the same period last year, the business posted $1.37 EPS. On average, sell-side analysts expect that Hancock Whitney Corporation will post 6.44 earnings per share for the current year.

Hancock Whitney Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Friday, September 4th will be paid a $0.50 dividend. The ex-dividend date is Friday, September 4th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.7%. Hancock Whitney's payout ratio is presently 39.22%.

Hancock Whitney Profile

Hancock Whitney Corporation NASDAQ: HWC is a regional financial services company headquartered in Gulfport, Mississippi. The firm was established in April 2019 through the merger of Hancock Holding Company and Whitney Holding Corporation, each of which traced its roots to the late 19th century. This combination created one of the largest bank holding companies in the Gulf South region, with a network of branches serving both urban and rural communities.

The company's core business activities include commercial banking, retail banking and wealth management services.

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